Legal Question in Bankruptcy in Virginia
can you file for bankruptcy and still keep your home?
Asked on 3/20/12, 4:38 am
2 Answers from Attorneys
Daniel Press
Chung & Press, P.C.
Yes, in most cases. In fact, saving a home is one of the most common reasons to file. However, if you have lots of equity in the home or it is owned free and clear (and it is not protected as tenancy by the entireties with the spouse), a trustee in Chapter 7 would likely sell it. But even then, filing under another chapter may be able to protect it.
Answered on 3/20/12, 5:33 am
Charles Andersen
Charles Andersen, Atty
San Diego bankruptcy attorney Yes, in fact most states provide substantial homestead exemptions for equity in homes.
Answered on 3/20/12, 9:32 am
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